Prime Minister Maris Kucinskis’s office made the announcement in a statement on February 18 following reports saying that the office and a property of Rimsevics were searched.

Latvia's state broadcaster LTV reported that the national anticorruption agency, called KNAB, raided Rimsevics’s office and property on February 16 and aired footage that appeared to show him arriving at the agency's offices.

In its statement, Kucinskis's office did not provide details about the case, but insisted that "there are no signs of a threat to the Latvian financial system."

It said an extraordinary cabinet meeting would be convened on February 19 to "analyze the situation."

In a message on Twitter, Latvia's presidency said there would be a meeting of the National Security Council next week to discuss the banking sector.

The KNAB, the Bank of Latvia, and the European Central Bank declined to comment on Kucinskis’s detention.

Latvia is a member of the European Union and uses the euro as its currency.